NSFW
Posts: 118
Likes: 58
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Lendy (L) in Administration
autoinvest?
Nov 3, 2017 17:52:59 GMT
via mobile
Post by NSFW on Nov 3, 2017 17:52:59 GMT
It's just DFL tranche after DFL tranche. There wouldn't be any diversification.
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NSFW
Posts: 118
Likes: 58
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Lending Works (LW)
Auto Settings
Oct 24, 2017 14:20:04 GMT
via mobile
Post by NSFW on Oct 24, 2017 14:20:04 GMT
Just opened an IFISA and the "Lending settings" tool is bugging me as when I view the settings it just shows the default settings and not what I apparently saved. Just want to be sure my settings are applied before my money clears. I opened mine recently to take a transfer which came in last week. As soon as the account was created (a week or 2 before that) I set my "Lending settings" and they have stayed set. Whenever you log in you are taken to the Classic dashboard and you have to select the ISA dashboard in order to view it's "Lending settings" which are independent of those for the standard account. If that is not your problem then you probably ought to contact customer support: cs@lendingworks.co.uk - they are very helpful. I must say I am impressed with how fast my pot has been invested. My ISA account settings have been applied, just seen my queued offers. Set my classic account to keep money in the wallet in case I accidently send money there instead of my ISA account too.
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NSFW
Posts: 118
Likes: 58
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Lending Works (LW)
Auto Settings
Oct 23, 2017 16:55:06 GMT
via mobile
Post by NSFW on Oct 23, 2017 16:55:06 GMT
Just opened an IFISA and the "Lending settings" tool is bugging me as when I view the settings it just shows the default settings and not what I apparently saved. Just want to be sure my settings are applied before my money clears.
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NSFW
Posts: 118
Likes: 58
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Post by NSFW on Oct 8, 2017 14:47:41 GMT
Remember any losses in an IFISA are not tax deductible. This can have a big impact on net returns. Having said that if Lendy come up with an IFISA losses are a non issue thanks to the provision fund... FTFY
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NSFW
Posts: 118
Likes: 58
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Post by NSFW on Oct 7, 2017 3:24:49 GMT
I wonder how much money is leaving the platform because of Lendy's lack of IFISA? I've been patient waiting for Lendy, but have now had to jump and go with another provider because I can't afford to wait and hope. I'd love to know how some relatively young platforms have managed to get this running much sooner than more established ones. Rather than spending on Cowes week maybe they should have been stuffing some brown envelopes with cash and sending them to the FCA? :-) Younger platforms have priority cos they can't have interim permission.
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NSFW
Posts: 118
Likes: 58
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Post by NSFW on Aug 1, 2017 17:05:07 GMT
Unreal SM action today. What are we down to now - £3m and falling ? I've sold a £100 loan part in PBL155 today! 2 months ago that looked an impossibility, but the impossible is now possible. Purchases are happening in overdue loans right across the board. If PBL147 repays in a week or so's time, as expected, or we get another medium to large sized repayment in the next week, the SM board will be dry. Chris Tarrant tactics required once again. The other two Londom flats will probably repay soon also. That will be 3m I think.
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NSFW
Posts: 118
Likes: 58
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Post by NSFW on Jul 28, 2017 20:40:38 GMT
This does sound most unsatisfactory for those affected. Interestingly, I was not asked to submit any ID / documentation when I joined SS (admittedly over 3 years ago so perhaps things have been tightened up since then) and I have subsequently made very many withdrawals and never been asked to submit ID at the withdrawal stage either. My most recent withdrawal request was paid into my bank only today. In case it makes a difference, I only run one personal a/c (no company a/c) and I live in the UK and use a UK bank account. So maybe it is because my circumstances are very straightforward and it depends on all sorts of factors. However that doesn't excuse them for not completing all the necessary checks when people sign up so that they then have unfettered use of all the platform's facilities. Or if they can't do that they should at least make it clear to people that they won't be able to withdraw their money without passing a further checkpoint in the future. It could be due to you passing the automated ID check they do in the background. FC failed me with their credit reference check but couldn't say why. Could've been because I don't have utility bills or whatever. If something they look for in your credit report is missing or inconsistent they revert to the manual KYC checks.
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NSFW
Posts: 118
Likes: 58
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Post by NSFW on Jul 27, 2017 22:44:00 GMT
Annual summary should be fine, just as I've used annual docs before elsewhere. The 3 month rule with statements is due to them being sent out monthly/quarterly. Lendy should accept the annual summary + a PDF statement without address as at least the statement confirms other details in the annual summary.
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NSFW
Posts: 118
Likes: 58
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Post by NSFW on Jul 27, 2017 12:42:58 GMT
What's the process if someone doesn't have a passport or driving license to verify identity? UK citizens don't have to provide passport or driving licence docs basically, alternatives will be requested instead.
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NSFW
Posts: 118
Likes: 58
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Post by NSFW on Jul 26, 2017 21:56:41 GMT
Slightly off topic and not in the least directed specifically at Lendy, but I am absolutely convinced that all this KYC stuff, that is required by the regulators, has contributed enormously to the incidence of identity theft. The vast amount of verified personal information that has to be supplied to any and all financial service providers that one conducts business with cannot possibly be held totally secure in all cases. This is my concern. Another platform has done all the know your customer checks. I've invested and now I want to withdraw some money they want me to send a copy of a bank statement with my name on it to prove the account is mine. Never had this anywhere else and they won't tell me directly why it's needed other than 'we take our anti money laundering obligations very seriously' Is this normal/reasonable? At least lendy are not taking it to this extra level. Any bank letter will do. Make a minor change to your overdraft and use the letter confirming that or remove part of the account/sort code etc from the letter or photo/PDF if they let you email it.
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NSFW
Posts: 118
Likes: 58
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Post by NSFW on Jul 26, 2017 9:13:44 GMT
Well, I recently increased a tiny bit and wanted to keep doing that but the pipeline is just full of tranches for existing loans lately. I don't want to be over-exposed. SM is full of sub-12% and even sub-10% loans. Not sure what to do. We really need the ISA big time.
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NSFW
Posts: 118
Likes: 58
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Post by NSFW on Jul 10, 2017 18:21:52 GMT
I have loan repayment emails labelled with "Receipts" but that doesn't make sense if I didn't have money invested in it. Think it was handled differently in the past. It's good to know about default repayments/recoveries, though.
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NSFW
Posts: 118
Likes: 58
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Post by NSFW on Jul 2, 2017 16:44:22 GMT
Mine seems a bit lower than it should be. Only have one 11%er and nothing has been up for sale, didn't buy anything new etc last month. Odd. No very late loans either.
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NSFW
Posts: 118
Likes: 58
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Post by NSFW on Jun 19, 2017 14:18:00 GMT
When I had put up for sale some of the loans I had, there was a chimp in Chester Zoo and while he has now turned into a man thanks to evolution... ...and is a leading poster here. Seriously, paying interest on unsold parts would see the SM explode. Who should get the money then? Seems inappropriate that Lendy gobbles it up when it's still ours until sold, with the risk still being ours too.
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NSFW
Posts: 118
Likes: 58
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Post by NSFW on Jun 3, 2017 14:36:47 GMT
Lending Works has a PF + insurance and they're fully authorised so it can't be that big of an issue with the FCA.
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